Corona
virus is probably the biggest pandemic that has not only taken human lives but
has created deep fissures in the global economy. The shock waves set off by the
covid-19 pandemic could lead to a cumulative loss of $9 trillion in global
gross domestic product (GDP) over 2020-21. The International Monetary Fund
expects India’s GDP
to grow at 1.9% in 2020-21, making it the fastest growing major economy in a
recession-hit world. The complex challenge of reviving India’s economy connects
business with society, policy, technology, science and medicine, among other
spheres of human endeavor, says Krea University vice-chairman Kapil
Viswanathan.
Start
ups and small businesses that have minimal cash reserves are most likely to
bear the brunt of this slowdown. To remain afloat in this trying times or
should we say to get acclimatized to the new normal, enterprises may have to
relook at their business plans and strategies keeping in mind the expenses
vis-à-vis the revenue status. Here are 4 ways for your
business to stay ahead during corona virus outbreak.
1.
Tactical Moves can generate new customers/new leads
Most of the
businesses are focusing on how to combat the present situation instead of
proactively planning for the future. This may sound strange considering the
grim circumstances we are facing. However,
by making tactical moves in terms of scouting for new leads or customers can
project your company as staying strong and open for new businesses. While others
are grappling with the current crisis, invest your time and resources in
expanding your client base or venture into an unexplored territory. Such strategic
moves will not only generate leads but will showcase your resolve in turning a crisis
into an opportunity.
2. Set up a new risk assessment plan
It’s time that you
realize that your existing risk assessment plan may no longer be relevant to
rally through the current challenges. The pandemic has jeopardized human health
and created a ripple effect on finances, technology and day-to-day operations
thus pushing us to think out-of-the-box. The need of the hour is to assess the
new emerging risks, monitor them and find innovative ways to mitigate it. A new risk assessment plan may build more
resilience into your business and help identify areas/services that are
vulnerable to the crisis and reinvent ways to protect them.
3. Thrust on external communications
Silence is certainly
not golden in times of crisis. Communicating with your target audience and
assuring them that your business is going strong is a vital step that needs to
be taken during uncertain times. To ensure this happens in a streamlined
manner, you can think of adopting flexible marketing methods or simply reach
out to your stakeholders through social media platform. The clever use of
social media can reinforce the trust
your customers have placed in you. Share messages or photos about the measures
your company is taking to fight the outbreak, be in terms of sanitizing your
office premises or giving food and shelter to your labor force/migrant workers.
4.
Identify challenges and devise solutions
To emerge victorious
from a crisis situation, it’s important to identify the underlying challenges
and devise solutions. Experts have pointed out that market conditions may
become volatile in the coming months. This itself is a clue for you to
strategize for different scenarios and take every possibility into account
including the worst case scenario. It may not be possible to exactly foresee
what’s going to happen but being prepared can help you stay vigilant and make adjustments
instead of letting the situation spiral into a catastrophe. After all, it’s the
survival of the fittest and the smartest!
The lesson which we
have learnt from Corona is "Do More With Less", "Look Within and
Stay Ahead" and finally "Stand Up and Deliver"
